$ITT
ITT INC.

2024 Q3 Form 10-Q Financial Statement

#000021622824000055 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $885.2M $905.9M
YoY Change 6.15% 13.54%
Cost Of Revenue $571.2M $589.8M
YoY Change 3.12% 10.04%
Gross Profit $314.0M $316.1M
YoY Change 12.14% 20.69%
Gross Profit Margin 35.47% 34.89%
Selling, General & Admin $125.3M $127.4M
YoY Change 11.58% 14.57%
% of Gross Profit 39.9% 40.3%
Research & Development $28.60M $29.70M
YoY Change 11.28% 12.5%
% of Gross Profit 9.11% 9.4%
Depreciation & Amortization $21.60M $22.00M
YoY Change -20.3% -17.6%
% of Gross Profit 6.88% 6.96%
Operating Expenses $153.9M $157.1M
YoY Change 11.52% 14.17%
Operating Profit $207.9M $159.0M
YoY Change 46.41% 27.92%
Interest Expense $10.00M $7.400M
YoY Change -500.0% -311.43%
% of Operating Profit 4.81% 4.65%
Other Income/Expense, Net $200.0K $200.0K
YoY Change -108.0% -105.71%
Pretax Income $199.7M $153.4M
YoY Change 43.15% 26.99%
Income Tax $37.80M $33.00M
% Of Pretax Income 18.93% 21.51%
Net Earnings $161.1M $119.2M
YoY Change 48.89% 19.2%
Net Earnings / Revenue 18.2% 13.16%
Basic Earnings Per Share $1.97
Diluted Earnings Per Share $1.96 $1.45
COMMON SHARES
Basic Shares Outstanding 81.70M shares 82.30M shares
Diluted Shares Outstanding 82.10M shares 82.40M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $460.9M $425.5M
YoY Change -0.26% -7.9%
Cash & Equivalents $460.9M $425.5M
Short-Term Investments
Other Short-Term Assets $127.4M $137.3M
YoY Change 66.54% 38.97%
Inventory $620.5M $564.3M
Prepaid Expenses
Receivables $772.1M $706.3M
Other Receivables $64.30M $0.00
Total Short-Term Assets $2.011B $1.926B
YoY Change 9.93% 7.1%
LONG-TERM ASSETS
Property, Plant & Equipment $578.8M $543.8M
YoY Change -5.96% 2.99%
Goodwill $1.498B $1.201B
YoY Change 48.45% 24.05%
Intangibles $462.9M $296.9M
YoY Change 239.87% 176.19%
Long-Term Investments $47.80M $47.40M
YoY Change 5.52% 8.72%
Other Assets $393.7M $382.8M
YoY Change 64.25% 4.62%
Total Long-Term Assets $2.934B $2.484B
YoY Change 42.68% 26.14%
TOTAL ASSETS
Total Short-Term Assets $2.011B $1.926B
Total Long-Term Assets $2.934B $2.484B
Total Assets $4.945B $4.410B
YoY Change 27.26% 17.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $460.4M $430.9M
YoY Change 13.32% 8.46%
Accrued Expenses $451.7M $423.6M
YoY Change 105.51% 24.59%
Deferred Revenue $126.0M $137.1M
YoY Change 51.44% 86.02%
Short-Term Debt $500.0K $700.0K
YoY Change -99.87% 40.0%
Long-Term Debt Due $2.500M $2.200M
YoY Change 13.64% 0.0%
Total Short-Term Liabilities $1.275B $1.241B
YoY Change 8.57% 10.7%
LONG-TERM LIABILITIES
Long-Term Debt $467.8M $190.0M
YoY Change 6779.41% 2305.06%
Other Long-Term Liabilities $311.3M $252.4M
YoY Change -0.16% 26.45%
Total Long-Term Liabilities $914.1M $579.7M
YoY Change 186.91% 71.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.275B $1.241B
Total Long-Term Liabilities $914.1M $579.7M
Total Liabilities $2.189B $1.821B
YoY Change 42.27% 24.85%
SHAREHOLDERS EQUITY
Retained Earnings $2.993B $2.878B
YoY Change 14.51% 12.64%
Common Stock $81.50M $81.70M
YoY Change -0.73% -0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.749B $2.577B
YoY Change
Total Liabilities & Shareholders Equity $4.945B $4.410B
YoY Change 27.26% 17.05%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $161.1M $119.2M
YoY Change 48.89% 19.2%
Depreciation, Depletion And Amortization $21.60M $22.00M
YoY Change -20.3% -17.6%
Cash From Operating Activities $138.5M $142.8M
YoY Change -0.79% 146.21%
INVESTING ACTIVITIES
Capital Expenditures $36.60M $23.20M
YoY Change 107.95% -19.16%
Acquisitions
YoY Change
Other Investing Activities -$297.4M -$2.100M
YoY Change 303.53% 950.0%
Cash From Investing Activities -$334.0M -$25.30M
YoY Change 265.83% -11.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 218.2M -109.6M
YoY Change -602.76% -17.53%
NET CHANGE
Cash From Operating Activities 138.5M 142.8M
Cash From Investing Activities -334.0M -25.30M
Cash From Financing Activities 218.2M -109.6M
Net Change In Cash 22.70M 7.900M
YoY Change 363.27% -107.97%
FREE CASH FLOW
Cash From Operating Activities $138.5M $142.8M
Capital Expenditures $36.60M $23.20M
Free Cash Flow $101.9M $119.6M
YoY Change -16.48% 308.19%

Facts In Submission

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2023, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (</span><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000216228/000021622824000020/itt-20231231.htm" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2023 Annual Report</a></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) for the year ended December 31, 2023, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2023 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2023 Annual Report.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses, inventory valuation, and assets held for sale. Actual results could differ from these estimates.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">st</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. ITT’s second quarter for 2024 and 2023 ended on June 29, 2024 and July 1, 2023, respectively.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation.</span></div>
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